Will you provide valuable suggestion about my ongoing SIPs for retirement planning

Congratulations for doing long term SIPs for building your retirement corpus. SIP in Equity Mutual Funds for the long term is the best way to create a healthy corpus not only for retirement but for other long term goals as well.

Your scheme selection is good. However, you should review your portfolio atleast once every year in order to check if the scheme performance is aligned to your goals or not. You may also visit our research section and try this tool to check the performance of Top Mutual Fund SIPs

For planning your retirement corpus it is important to know the future value of your current annual expenses and accordingly, you should plan a target corpus. For example – If your current annual expenses is 12.00 Lacs and presuming that the inflation is around 6% and that you want to retire after 15 years, then your annual expenses after 15 years would be around Rs. 28.76 lacs.

You may arrive at the exact future cost using this calculator https://www.advisorkhoj.com/tools-and-calculators/future-value-calculator

Now, that you know your future annual expenses i.e. Rs. 28.67 Lacs, you will have to accumulate a large enough corpus which will get you this amount on an annual basis. In this case the target corpus amount should be around Rs. 3.50 Crores. An annual yield of around 8.00-8.25% on this corpus will get you around Rs. 28.67 Lacs.

Now the question is how to build this 3.50 Crores Corpus? For this you should start investing around Rs. 62,000 per month for next 15 years. This is based on the assumption that you will continue the monthly SIP of Rs.62,000 for next 15 years and assumed rate of return on your SIP @ 14% p.a. To check the calculation, try this calculator https://www.advisorkhoj.com/tools-and-calculators/retirement-planning-calculator

Based on the above steps and your actual annual expenses, you may arrive at the right amount of monthly SIP that you should do for next 15 years.